You’ll cross paths with several individuals on your journey to become a homeowner, and one of the most important is your mortgage loan officer. This individual is more essential than you may realize, and for that reason it’s best you do everything possible to form a solid relationship with the person handling your loan. Wyndham Capital Mortgage is here to show you just how much of an asset your loan officer can be.
How A Mortgage Loan Officer Can Help You
You Have a Better Relationship With Your Lender
The first thing to know about your loan officer is that he or she is not your lender. While your loan officer might work for your mortgage lender, he or she acts as a liaison between you and the lender, helping you navigate the best course between yourself and what you want to get out of your lender. Loan officers get to know you, your preferences in a mortgage loan and your financial resources in order to ensure your loan is tailored to your specific needs.
You Have Someone Who Understands Your Unique Situation
It’s true that it’s possible to buy a home with bad credit or a bankruptcy on your financial record, but pairing with a loan officer who is familiar with your situation is sure to improve your chances. Specialized loan officers know how to show lenders you’re still a viable candidate for homeownership no matter what may have happened to you in your financial history. What’s more is such loan officers can be instrumental in helping you improve your financial standing long after you’ve been approved for a mortgage.
You’ll Gain a Better Understanding of the Logistics of Lending
Spend more than 10 minutes looking over your options for mortgages and you’ll likely realize just how confusing, convoluted and varied they can be. To keep you from feeling as though you need to have a real estate degree to understand what you’re getting yourself into, your loan officer can simplify the mortgage process and put it in terms you can easily understand and digest. Such professional and experienced insight can be instrumental in making sure you don’t pay more than necessary for your mortgage and that you get the best terms for your mortgage. You may not like having to pay your loan officer a commission, but you’re sure to feel it’s worth it when you avoid a financial landmine or two.
You Can Be Sure Your Loan Meets Federal and State Regulations
In addition to understanding the nuances of your mortgage, loan officers also look over home loan offers to make sure they’re in full compliance with the latest federal and state requirements. The last thing you want is an avoidable mortgage mishap that results in substantial legal fees and a loss of income, or potentially even the unnecessary loss of your dream home. Let a loan officer keep you from having a never ending migraine caused by an unlawful loan.
You Can Save Time
Something else loan officers can help you with is whittling down the timeframe for becoming a homeowner. Common home buying setbacks include overextended finances, making major purchases before closing on your loan, changing jobs and failing to consider your closing costs. A loan officer can help you sidestep these delays and keep you from having to resubmit paperwork, which might cost more money. While you can research most of the usual home buying setbacks on your own, there may be new ones that you aren’t aware of or have yet to be picked up by internet informants.
Be sure to make your loan officer your new best friend while buying a home and finding the perfect mortgage. Your actual best friend may not appreciate the switch, but he or she is sure to be elated when you receive the keys to your new home. Do you have more questions or concerns about how a mortgage loan officer can help you through the home purchasing process? Let us help! Click below to learn more.